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Trade Date: 5/22/2017 Commentary (delayed until 10.20 AM ET)
ZN R1-R4: 126-065-126-085, 126-10-126-12, 126-135-126-17, 126-205-126-04

ZN S1-S4: 126-00-126-015, 125-28-125-295, 125-235-125-255, 125-16-125-20

ZN/ZB Comments: It is Monday morning w/little economic news released round the globe. Equities are mixed w/Shanghai and the DAX lower and the rest slightly higher. The biggest news on the wires and TV was Trump’s visit to S Arabia and his speech that could be a game changer for that region, if implemented. If the US, S Arabia and Egypt align, terror in the ME could have hit its high. And Iran the world’s biggest sponsor of terror was isolated in that speech. If the Arabs unite against the Persians, the dynamics could change. We will see. TSY’s are a bit lower as it was on Friday and is pointed lower this morning. If the ES rallies, TSY’s should trade lower, but not break. Today’s news: Chicago National Activity Index is expected at ??? (+.08). Down to the ES, IMO. Resistance starts at 126-06/10 and support is at 125-28/126-00. Will play for a lower mkt first this AM. First sell is 126-03/07 followed by 126-11/15. Cover at 126-00 OB. First buy is 125-28/126-00 followed by 125-21/25. Exit at 126-05 OB.

ZB R1-R4: 153-31-154-05, 154-08-154-10, 154-12-154-14, 154-16-154-21

ZB S1-S4: 153-24-153-26, 153-17-153-21, 153-12-153-14, 153-02-153-09

ES R1-R4: 2385-2388, 2390-2393, 2395-2401, -

ES S1-S4: 2377-2380, 2372-2375, 2365-2370, -

ES Comments: Equities are mixed round the globe w/Shanghai and the DAX lower and the rest close to unchanged. Little news out over the weekend. The news focus is Trump’s trip from S Arabia to Brussels. Trump’s speech in S Arabia, if followed is a game changer. The Sunni world has aligned against Iran, which has been coming. It is now official. If the countries that were present do stop the flow of funding to terrorists, terrorism will have peaked. It will be hard to do, but it could happen. Let’s hope that the countries do begin to stop terrorism. No news on tap this AM. Down to whether traders take the mkt higher or lower this morning. Right now the structure supports at least a retest of 2388/90. If 2390 falls, then a retest of 2400 is within reach. Today’s news: Chicago National Activity Index is expected at ??? (+.08). Down to Friday’s momentum, IMO. Resistance begins at 2388/90. Support begins at 2375/78. Will play for a retest of 2388/90 this AM. IF it holds, I can trade from the sht side of the mkt. First sell is 2389/91 followed by 2394/96. Cover at 2381 OB. First buy is 2379/81 followed by 2375/77. Exit at 2389 OB.